Melville, NY  Trusts Lawyer

Schneider, Garrastegui, & Fedele, PLLC, helps individuals avoid probate and protect assets with revocable and irrevocable trusts.
Call Us (631) 756-6006

Trusts in Melville

If you already have a last will and testament, you might think that you’ve finished with estate planning. However, you might want to consider adding a trust to your estate plan. As with a last will and testament, you can leave property to beneficiaries through a trust. However, it has some distinct benefits. For instance, you can move property into a trust to protect it from lawsuits and judgments, while also avoiding probate.

Additionally, a trust provides more control over how your property is distributed. For instance, if you have minor children, you can set guidelines in the trust, so they won’t receive the assets until they turn a certain age that you determine. These are just some of the benefits.

Numerous types of trusts are available, and choosing the right one is essential when creating your estate plan. Thus, consult with our Melville, NY, trusts lawyer before moving forward. After reviewing your goals and assets, your attorney can help you choose and fund a trust to include in your estate plan.

Types of Trusts

While there are numerous types of trusts, they fall into three categories. Your Melville, NY, trusts lawyer can help you create:

  • Irrevocable trusts
  • Revocable trusts
  • Special needs trusts

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  • Hyper-focused on Your Needs – While some firms dabble in numerous practice areas, we focus on elder law and real estate. Our limited scope of practice allows us to stay up-to-date and provide hyper-focused, client-centric legal services.
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Revocable Trusts In Melville, Ny

Many New York residents choose to add revocable trusts to their estate plans. You can name yourself as the trustee and manage the property inside the trust while you’re of sound mind. You’ll also list a successor trustee to take over if you become incapacitated.

You can modify or revoke the trust at any point as long as you are of sound mind. As long as it’s active, though, the trustee will distribute property inside of it to beneficiaries based on your guidelines.

Revocable trusts do have some limitations. Since you have full control over the property, it’s still technically a part of your estate. That means creditors can potentially seize it with a court order, and the property will still count toward your assets when trying to qualify for Medicaid.

Reach out to our Melville, NY, trusts lawyers to discuss your options for setting up a trust. Our firm can also assist if you want a trust to protect your assets or qualify for long-term care through Medicaid.

Irrevocable Trusts For Asset Protection And Medicaid Planning

If you want to protect your assets or remove property from your estate to qualify for Medicaid, an irrevocable trust might be the right solution. Generally, you cannot revoke, modify, or serve as the trustee if you choose an irrevocable trust. However, you can receive income from the assets inside of it.

In most cases, creditors cannot touch the assets inside an irrevocable trust. Also, the property won’t be included in your estate’s value when applying for Medicaid, as long as you didn’t transfer it during the look-back period.

There are various types of irrevocable trusts available for estate planning purposes. Thus, speak to our Melville, NY, trusts lawyers to determine the option to choose to reach your goals.

Special Needs Trusts

If you have a disabled child, you need to ensure he or she has ample financial resources. At the same time, you do not want your son or daughter to lose access to government programs. Your Melville, NY, trusts lawyer can help you create a special needs trust for your child. This is also referred to as a supplemental needs trust. It allows you to provide for your child without impacting their ability to receive benefits. These trusts have numerous rules you must follow to avoid losing benefits, so consult with our firm first. Then we can help you create and fund the trust while staying within the law.

Trusts For Pets

Your pets are like family, and you want to ensure they’re cared for after you’re gone. With that in mind, you might consider leaving money for your pet’s care in your last will and testament. However, your will could be held up in probate, meaning the caregiver won’t have the resources necessary. Fortunately, you can ensure your animals are cared for by setting up a trust for your pets. Consult with a Melville, NY, trusts lawyer if you’d like to set something up for your pets.

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